Binance Completes Registration with India’s Financial Intelligence Unit After Fining It
Date: 2024-08-15 Author: Oliver Abernathy Categories: BUSINESS
The world’s largest cryptocurrency exchange Binance has completed the registration process with the Financial Intelligence Unit of India (FIU-IND), just months after being fined $2.2 million for operating in the country without a permit. The Binance website and mobile app are now available for users in India, it was announced on Thursday.
The registration process began in May, shortly after Binance and eight other cryptocurrency exchanges were blacklisted by India under the Prevention of Money Laundering Act (PMLA). The exchange received provisional approval for registration subject to paying a fine imposed for violating the country’s anti-money laundering regulations. The fine was set in June.
The company’s statement emphasized that the registration is a testament to Binance’s commitment to upholding anti-money laundering standards and creating a safe and transparent ecosystem.
Among other blocked exchanges, KuCoin also settled its relationship with FIU-IND by paying a fine of $41,000.
Binance has been proactive in dealing with financial regulators in the world’s largest economies. Last year, the company paid $4.3 billion in the United States to settle criminal charges for violating sanctions and money transmission laws. As part of that settlement, the company’s founder, Changpeng Zhao, known as “CZ,” stepped down as CEO and was sentenced to four months in prison in April.
Binance CEO Richard Teng said in a statement: “Our commitment to strong regulation is a fundamental part of our business strategy. We are committed to creating a safe, transparent, and efficient environment for all of our users.”
